Convert your Papua New Guinea Currency to Naira
Nigeria VS Papua New Guinea Economic Indicators
| Category | Nigeria | Papua New Guinea |
|---|---|---|
| Interest Rates | 26.20% (May 2024) | 2.5% ( Jul 2024) |
| Exchange Rates | 1490 NGN/USD | 3.93 (Aug 2024) |
| Inflation Rate | 33.95% (May 2024) | 0.12% (Jun 2024) |
| Unemployment Rate | 5% | 2.7 (Dec 2023) |
| GDP Growth Rate | 2.85% (Dec 2023) | 4.1% (estimated) |
| Savings Rate | 6.280% | Data not available |
Notes:
- Interest Rates & Inflation: Nigeria has a significantly higher interest rate likely due to its much higher inflation rate. Central banks raise interest rates to combat inflation.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Papua New Guinean Kina (PGK) against the USD. This means it takes more Nigerian Naira to buy one USD.
- Inflation: Inflation is much higher in Nigeria than in Papua New Guinea. This means that the prices of goods and services are rising much faster in Nigeria.
- Unemployment: Data for unemployment in Papua New Guinea is unavailable.
- GDP Growth Rate: Papua New Guinea has a higher GDP growth rate than Nigeria (based on estimates). However, Nigeria’s population growth rate is also likely higher, so economic growth may not translate into as much improvement in average standards of living.
- Savings Rate: Data on savings rates for Papua New Guinea is not available.
Related Currency Pairings
African Currencies
Asian Currencies
The Evolution of the Papua New Guinean Kina
The Papua New Guinean Kina (PGK) has served as the national currency of Papua New Guinea since 1975. Its history reflects the country’s complex political and economic landscape, shaped by colonial rule, independence, and economic challenges.
Early Years and the Australian Pound: Prior to independence, Papua New Guinea was a territory of Australia, and the Australian pound was the primary currency in circulation. After independence in 1975, the country introduced the Papua New Guinean Kina as its national currency.
Economic Challenges and Devaluation: Papua New Guinea has faced numerous economic challenges, including poverty, political instability, and natural disasters. These factors have contributed to the Kina’s volatility and its devaluation over time.
Currency Reforms and Pegging: The government has implemented various economic reforms to stabilize the Kina and promote economic growth. These reforms have included currency board arrangements, pegging the Kina to foreign currencies, and monetary policy adjustments.
Recent Developments: In recent years, Papua New Guinea has experienced economic growth, driven by its natural resources, agriculture, and mining. However, the country continues to face challenges, such as inequality, corruption, and the ongoing conflict in the Bougainville region.
Specific Reforms and Policies:
- 1975: Introduction of the Papua New Guinean Kina, replacing the Australian pound.
- 1980s: Implementation of economic reforms and privatization.
- 1990s: Introduction of a floating exchange rate system.
- 2000s: Monetary policy adjustments to address inflation and economic growth.
- 2010s: Response to global economic events and natural disasters.
Despite its challenges, Papua New Guinea has made progress in recent years towards economic development and currency stability. The future of the Papua New Guinean Kina will depend on the country’s ability to address its ongoing political and economic challenges.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of